Mirvac Group has secured planning approval for a mixed-use residential project in the Australian city of Sydney.

The plan, which involves building a 270m-tall tower at 505 George Street, was approved by the Central Sydney Planning Committee.

Coombes Property Group is the developer of the project, while Mirvac is managing it on behalf of the developer. Ingenhoven and Architectus have been hired as designers through a competitive process.

Once complete, the project will be one of the tallest residential towers in the city, with 80 storeys and 507 apartments.

The tower will feature luxury serviced suites and a rooftop restaurant and bar. At the podium, several other facilities such as a boutique cinema, retail, conferencing hall, a childcare centre and a meeting room facility for the council will be incorporated.

The project also involves enhancing the existing streetscape and connecting George Street and Kent Street to improve pedestrian connectivity.

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Mirvac Residential head Stuart Penklis said: “With its central location and visionary design, 505 George Street will incorporate world-leading sustainability features and the high-quality built form outcomes Mirvac is known for.

“With proven experience in delivering award-winning precincts that make a positive contribution to Australia’s urban landscape, Mirvac is ideally placed to once again reimagine city living with this transformational project.

“505 George Street is meticulously designed for the future. Residents will be able to live, work, shop and socialise, all within the precinct, recognising the desire of Sydneysiders for increasingly convenient lifestyles. “

Coombes Property Group will retain the ownership of the project and will lease it once it is complete.

Earlier this month, Mirvac lodged a planning permit application (PA) for its site at 383 La Trobe St in Melbourne, Australia, to create a 31-storey office tower designed by Cox Architecture.